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** Asset management stocks rise in afternoon trading after the U.S. Federal Reserve cuts interest rates for the first time since 2020
** BlackRock BLK.N, Franklin Resources BEN.N, Invesco IVZ.N and T Rowe Price TROW.O rise between 1.2% and 2.3%
** Asset managers have had to contend with softer flows in recent years as high interest rates boosted the appeal of safe-haven assets like cash
** Some investors were also waiting for more certainty on the trajectory of interest rates before wading back into riskier assets
** The Federal Reserve cut interest rates by half of a percentage point on Wednesday
(Reporting by Arasu Kannagi Basil in Bengaluru)
In Tuesday’s trading, 239 stocks hit 52-week highs, eight of which were asset managers. That was four times the number of U.S.-listed stocks that hit 52-week lows.
Stocktwits shows that of the eight asset managers hitting 52-week highs, four have less than 1,000 Stocktwit followers, which suggests that not enough of the retail crowd has caught on to these stocks despite hitting 52-week highs.
Of the four with less than 1,000 Stocktwit followers, these three are excellent long-term buys. Here’s why.
Cohen & Steers
Cohen & Steers is a global investment manager specializing in real assets and alternative income investments. It offers open-end funds, institutional accounts and closed-end funds.
One of its most popular ETFs is the iShares Cohen & Steers REIT ETF, which has $2.31 billion in net assets. It invests in large real estate REITs such as Prologis and Equinix . The ETF tracks the performance of the Cohen & Steers Realty Majors Index, a collection of approximately 30 real estate companies.
As of Aug. 31, it had $88.1 billion in AUM (assets under management), up $3.5 billion from the end of July. After several years of net outflows—$3.6 billion in net outflows in 2022 and 2023—it managed to generate net inflows of $8 million, a sign the commercial real estate market might be bottoming.
In the second quarter ended June 30, its revenue fell 0.8% to $121.7 million, while its adjusted net income decreased by 0.3% to $34.5 million.
Thanks to a 49% gain over the past year, Cohen & Steers stock is now within $7.12 of its Nov. 8, 2021, all-time high of $101.22. The company has hit a 52-week high on 23 occasions in the past year, yesterday being the latest.
Only 131 people follow Cohen & Steers at Stocktwits, compared to 12,382 for Blackstone , the world’s largest alternative asset manager.
If you believe in real estate, CNS is an excellent long-term play.
Victory Capital Holdings
Victory Capital Holdings is a global asset manager with $172.1 billion in AUM as of July 31. The company does a little of everything, acting as a boutique asset manager and providing a fully integrated, centralized operating and distribution platform.
Since going public in 2018, it’s grown tremendously through organic revenue and four strategic acquisitions: USAA Asset Management Company, THB Asset Management, New Energy Capital, and WestEnd Advisors.
As a result, its AUM has increased by over $100 billion. Its scale has pushed operating margins 12 percentage points higher over the five years. The additional cash flow has allowed it to increase its investments in its business, generating even more profits in the process.
Since Q1 2022, it’s been busy buying back its shares. At the end of Q1 2022, it had 74 million shares outstanding. At the end of Q2 2024, it was 66 million, 11% lower in just nine quarters.
As of June 30, its adjusted EBITDA margin was 53.0%, 210 basis points higher than a year ago. So, even if it grows quarterly revenues by less than double digits, it’s still been able to boost its profitability.
Ten analysts cover its stock, with five rating it a Buy and a $57 target price, higher than where it currently trades.
It has slightly more Stocktwit followers at 246. It has hit a 52-week high 48 times over the past year, with 45 in 2024. Unsurprisingly, its shares are up 61% year-to-date.
Brookfield Corporation
Brookfield Corporation is one of my favorite financial services companies. CEO Bruce Flatt has worked at Brookfield for a long time -- he joined the company in 1990 and became CEO in 2002. When he became CEO, it was still called Brascan Corporation, a company whose history dates back to 1899.
It became Brookfield Corporation in December 2022 when it spun off its asset management business into an independent, publicly traded company, Brookfield Asset Management . It continues to own 75% of this business. It also owns a percentage of four other spinoffs: Brookfield Infrastructure Partners , Brookfield Renewable Partners , Brookfield Business Partners , and Brookfield Reinsurance.
Brookfield is currently in discussions with Canada’s largest pension funds and the Canadian federal government to create a $50-billion fund that it would manage to invest in Canadian assets.
The pensions would commit $36 billion, the federal government $10 billion, and Brookfield the other $4 billion. While it’s still early in discussions, the fund would enable the Canadian pension funds to increase their participation in the domestic market, something critics have pointed out as a flaw in an otherwise excellent investing model that’s served Canadian pensioners well.
Even though the company has offices all over the world and Bruce Flatt spends much of his time in New York and London, Brookfield remains surprisingly unknown. Despite its $83 billion market cap, it has just 755 Stocktwit followers.
If I could only buy one, Brookfield would be it without question.
On the date of publication, Will Ashworth did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Financial stocks were mixed in Wednesday afternoon trading, with the NYSE Financial Index and the Financial Select Sector SPDR Fund (XLF) both little changed.
The Philadelphia Housing Index shed 0.3%, and the Real Estate Select Sector SPDR Fund (XLRE) was fractionally lower.
Bitcoin (BTC/USD) fell 1.6% to $59,897, and the yield for 10-year US Treasuries rose 3.5 basis points to 3.677%.
In economic news, the Federal Open Market Committee statement and Summary of Economic Projections are scheduled to be released at 2 pm ET, followed by Federal Reserve Chair Jerome Powell's press conference at 2:30 pm ET. According to data compiled by the CME Group from interest-rate traders, the probability of a 50 basis-point cut stood at 61% on Wednesday afternoon. The remaining 39% likelihood was a 25 basis-point drop.
In regulatory news, the US Securities and Exchange Commission approved rules that will permit thousands of stocks and exchange-traded funds to be quoted in half-penny increments, Bloomberg reported.
In corporate news, First Horizon's First Horizon Advisors agreed to pay a $325,000 fine to settle charges by the US Securities and Exchange Commission over alleged failures to maintain and enforce policies to comply with Regulation Best Interest requirements, the regulator said. First Horizon shares fell 0.5%.
BlackRock , its Global Infrastructure Partners unit, Microsoft and MGX said they are creating a global artificial intelligence infrastructure partnership to invest in data centers and energy projects to address the increasing demand. BlackRock shares rose 1.4%.
GCM Grosvenor shares were shedding 0.3%. The company and CION Investments have launched a partnership to improve individual investors' access to private market assets via financial advisors.
The author is a Reuters Breakingviews columnist. The opinions expressed are his own.
By Robert Cyran
NEW YORK, Sept 18 (Reuters Breakingviews) - The asset manager will team with Microsoft to invest in AI infrastructure. It’s a way to bolster tech firms’ capacity to keep up with the $1 trln needed for data centers alone, akin to governments tapping private funds to build roads. Thing is, that assumes AI is just as crucial.
Full view will be published shortly.
Follow @rob_cyran on X
CONTEXT NEWS
BlackRock, Microsoft and Abu Dhabi-based MGX have partnered to establish an artificial intelligence infrastructure fund to invest in data centers and energy infrastructure. The partnership aims to raise $30 billion and will seek to increase the amount invested to up to $100 billion through the use of debt.
Investments will be chiefly made in the United States.
(Editing by Jonathan Guilford and Sharon Lam)
((For previous columns by the author, Reuters customers can click on CYRAN/ robert.cyran@thomsonreuters.com ; Reuters Messaging: robert.cyran.thomsonreuters.com@reuters.net ))
Keywords: BLACKROCK-AI/BREAKINGVIEWS
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